Mission Asset Fund : A comprehensive approach to asset building in an immigrant community

1. Mission Asset Fund: A comprehensive approach to asset building in an immigrant community NALCAB National Conference, San Francisco, California September 4, 2008

2. About MAF • The Mission Asset Fund is the first neighborhood-based, community-led, asset-building organization in the country • Our mission is to expand access to financial services, savings and investment opportunities for residents of the Mission District to build a more secure economic future for themselves, their families and their community

3. The Mission District • The Mission is a vibrant working-class community with a long history as a gateway for new immigrants; rich in social networks, active civic engagement, and strong nonprofit leadership. • The 1.5 square mile neighborhood is densely populated with over 60,000 residents, including 50 percent Latino and 11 percent Asian/Pacific Islander households. • Nearly one-half of Mission residents are Spanish speakers and more than one-in-three speak only Spanish. • Forty-five percent of Mission residents are foreign-born.

4. Forging a Community Partnership • Levi Strauss & Co. sold their factory on Valencia St. • $1 million commitment to Levi Strauss Foundation for Mission community development project • MAF committee formed – community leaders and LSF senior staff • Committee held community forums to explore how funds could be used to support residents

5. Community Engagement

6. MAF Framework Continuum of Asset-Building Opportunities Economic Security Residents Access to Financial Services Savings Opportunities Investment Opportunities Asset Preservation

7. Key Strategies Mission District Community MAF Board Mission Asset Fund Convener MAF will convene diverse groups of Mission stakeholders in an ongoing dialogue about asset-building gaps and opportunities Connector MAF will connect residents to existing and emerging asset-building opportunities and knowledge Catalyst MAF will catalyze new and innovative asset-building products, services, programs, policies and resources to expand asset-building opportunities. • Community Engagement • Mission Asset Alliance • Financial Coaching • Promotoras • IDAs • Community Investment • Technical Assistance • Policy Analysis

8. Foundations/Other F.B. Heron Foundation Friedman Family Fdn. Gerbode Foundation Haas Jr. Fund Haas Sr. Fund Levi Strauss Foundation San Francisco Foundation United Way of the Bay Area Community Residents Business Owners Nonprofits Mission Asset Alliance Resource Partnerships Banks Bank of the West Citibank United Commercial Bank Washington Mutual Public Sector Mayor County Supervisors City Treasurer Mayor’s Office of Community Development

9. Mission Asset Fund Governance July 2007 September 2009 Cross-Organizational Collaboration Community Control & Accountability Establish and grow MAF membership Elected by Members Majority Residents Appointed Experts

10. …in video

11. Why don’t we “own” our community? • Nationally, for every $1 dollar in assets held by a white household, a Latino household only has 13.2 cents • 45 percent of all Latinos are under-banked, meaning they do not have a savings or checking account – same is true for half of all Latino adults in the Mission • 22 percent of all Latinos don’t have a credit history – same is true for 44 percent of all households in the Mission • The number of pawnshops, check-cashers and payday lenders (22) is almost twice the number of bank branches (12) in the neighborhood

12. Asset-building programs that fit the realities of Mission residents • Matched Savings Accounts (IDAs) • Accessible to individuals in low-income households earning up to 80% of AMI • $1:$2 match towards the following goals: • Homeownership • Small business • Education/training • $1:$1 match to help remove barriers to asset-building, particularly towards the following goals: • Citizenship fees • Penalties associated with adjusting immigration status • Retirement savings

13. Creating culturally-relevant financial products • Cestas Populares • ‘Cestas’ or ‘Tandas’ traditionally function as rotating, interest free, credit associations; they are voluntarily formed by a group of participants who agree to make regular contributions to a fund, which is distributed in whole or in part to each contributor in rotation • Cestas Populares will recognize this informal financial activity and report it to credit agencies to help participants create and build mainstream credit scores • Provide wrap-around financial education services and information to help cesta members transition to the financial mainstream

14. Creating culturally-relevant financial services • Financial Coaching • Help clients understand and access financial products and services; and to develop long-term financial plans • Promotoras • Train and support peer organizers to connect residents to asset-building opportunities • Cooperativas • Provide technical assistance, education and support to worker-owned business and housing co-ops

15. Take Away Messages • Asset-building programs and policies work for Latino, immigrant communities • MAF is creating culturally-relevant financial products to help bridge the path into the financial mainstream • MAF’s culturally-relevant products are viable alternatives to predatory lenders

16. Contact Information José Quiñonez, Executive Director Merle Lawrence, Senior Manager Mission Asset Fund Worldwide Community & Corporate Citizenship Dept. 1500 South Van Ness Ave #200 Levi Strauss & Co./Levi Strauss Foundation San Francisco, CA 94110 1155 Battery Street LS/5 www.missionassetfund.org San Francisco, CA 94111 www.fondopopular.org www.levistrauss.com